Ping An Unit Buys $2 Billion Stake in Developer
The parent of China Fortune Land Development Co. Ltd. (CFLD) has sold 580 million shares of the Shanghai-listed real estate developer to the investment arm of Ping An Insurance for $2.07 billion.
The sale, which amounted to 19.7% of CFLD’s total shares, leaves its parent, China Fortune Land Development Holding, with a 42.67% stake in CFLD, down from 61.67% before the sale, according to a filing with the Shanghai Stock Exchange on Tuesday. On the other side, the sale increases Ping An Asset Management Co. Ltd.’s stake in CFLD to 19.88%.
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